TDS Rates in India FY 2018-19, AY 2019-20

Tax Deducted at source rate for Financial Year 2018-2019, Assessment Year 2019-2020 is as under:

1. TDS Rates FY 2018-19

Nature of Payment	Section	Threashold	Individual / HUF	Others
Salaries	192	As per Slab	-	-
Premature withdrawal of EPF	192A	50,000	10%	-
Interest on Securities	193	10,000	10%	10%
Dividends	194	2,500	10%	10%
Interest (Banks)	194A	10,000	10%	10%
Interest (Other than Banks)	194A	5,000	10%	10%
Winning from Lotteries	194B	10,000	30%	30%
Winning from Horse Race	194BB	10,000	30%	30%
Contractor - Single Transaction	194C	30,000	1%	2%
Contractor - During Financial Year	194C	1,00,000	1%	2%
Transporter (Declaration with PAN)	194C	-	-	-
Insurance Commission (15G-15H Allowed)	194D	15,000	5%	10%
Life Insurance Policy	194DA	100,000	1%	1%
Non-Resident Sports Men or Sports Association	194E		20%	20%
National Saving Scheme	194EE	2,500	10%	10%
Repurchase Units by MFs	194F		20%	20%
Commission - Lottery	194G	15,000	5%	5%
Commission - Brokerage	194H	15,000	5%	5%
Rent of Land and Building -Furniture & Fixtures	194I	1,80,000	10%	10%
Rent of Plant / Machinery / Equipment	194I	1,80,000	2%	2%
Rent by Individual (HUF) w.e.f 1.6.2017	194IB	50,000 PM	5%	-
Transfer of immovable property other than agricultural land	1941A	50,00,000	1%	1%
Professional Fees / Technical Fees	194J	30,000	10%	10%
Payment to call centre operator	194J	30,000	2%	2%
Compensation on transfer of certain immovable property other than agricultural land	194LA	2,50,000	10%	10%
Income from Infrastructure Debt Fund	194LB		5%	5%

Note : TDS Rates without PAN : 20% flat (if TDS rate is lower than 20%)

2. TDS Deposit Due Dates

Month of Deduction	Due date for Payment
April	7th May
May	7th June
June	7th July
July	7th August
August	7th September
September	7th October
October	7th November
November	7th December
December	7th January
January	7th February
February	7th March
March	30th April

3. TDS Return forms

TDS forms to be submitted	Type of Deductee
Form 24Q	Deductions made from salaried
Form 26Q	Deductions made from Non salaried people
Form 27Q	Deduction made from payment to NRI

4. Due Dates for filing TDS returns in India

Quarter Ending	Due date to file return by all deductors
30th June	31st July
30th September	31st October
31st December	31st January
31st March	31st May

5. TDS on sale of Property

The buyer is required to deduct 1% TDS of the total sale consideration on immovable property other than agricultural land if the sale consideration exceeds Rs. 50 lakhs.

TDS will be deducted on the entire amount of sale

There is no need of obtaining TAN by the buyer except for purchase from NRI

If PAN is not available TDS will be deducted at the rate of 20%.

Buyer should also show PAN number.

TDS has to be deposited along with Form 26QB within 7 days from the end of the month in which TDS was deducted.

Buyer should issue TDS certificate to the seller. Buyer requires Form 26QB.

TDS is required to be deducted in all cases irrespective of the capital gains arising to seller.

In case of home loan, TDS is to be deducted at the time of making payment to the seller, not at the time of paying EMI to the bank.

In case of two or more buyers, separate Form 26QB is to be filled.

Both buyer and seller are required to file income tax return in the year of purchase.

In case there are two buyers and the share of each individual is less than Rs. 50 lakhs but aggregate value of land is more than Rs. 50 lakh, the same procedure of deducting the TDS will be followed by buyer.

6. Penalty on delayed deposit of TDS on property

In case TDS is not deducted by the buyer then he is required to pay interest at the rate of 1% per month as penalty on the amount not deducted.

In case TDS is deducted but not paid on time, then the buyer has to pay interest at the rate of 1.5% per month as penalty for delayed TDS payment.

7. Penalty for late filing form 26QB

In case buyer gets late in filing TDS return, a penalty of Rs. 200 per day would be levied

8. Refund of extra tax or Tax Deducted

If the tax liability of the assessee is less than the TDS amount, the difference amount can be claimed at the time of filing income tax return. The extra amount will be refunded to the bank account of the assessee.